Eric Sprott: Bail-Ins, Physical Demand for Gold and Silver
Eric Sprott: Bail-Ins, Physical Demand for Gold and Silver
In this video Greg Hunter of USA Watchdog interviews Eric Sprott the President and CEO of Sprott Asset Management. Eric says extreme physical demand for gold and silver is draining supplies. Eric talks about Bail-Ins. At first it was only Cyprus but now it has become a template for other governments around the world. In a bail in the bank depositors are now considered creditors so when a bank fails the bank, instead of looking to shareholders, bank management, or governments to bail them out they look to internal sources.
I don’ think anyone that deposits money in a bank considers that their deposit might be seized to satisfy banks debts. Most people, when they deposit money in the bank, feel that is the safest place for it but the bail-in concept as used in Cyyprus and the Cyprus bail-in model being used as a template by governments around the world no longer make that certain.
From financecareers.com’s definition page on bail-in:
Bank Depositors Tapped in Cyprus
“Bank Depositors Tapped in Cyprus: Few, if any, critics of bank bailouts recognize the logical conclusion of their stance, that depositors will have to suffer part, if not all, of the losses. The financial markets were roiled in mid-March 2013 by a proposed bailout of banks in Cyprus that actually was structured largely as a bail-in funded by depositors.” Click Here to Read Full Story – Bail-In. (Bolding mine for emphasis)
From the Huffington Post:
“Rather than reining in the massive and risky derivatives casino, the new rules prioritize the payment of banks’ derivatives obligations to each other, ahead of everyone else. That includes not only depositors, public and private, but the pension funds that are the target market for the latest bail-in play, called “bail-inable” bonds.
“Bail in” has been sold as avoiding future government bailouts and eliminating too big to fail (TBTF). But it actually institutionalizes TBTF, since the big banks are kept in business by expropriating the funds of their creditors.
It is a neat solution for bankers and politicians, who don’t want to have to deal with another messy banking crisis and are happy to see it disposed of by statute. But a bail-in could have worse consequences than a bailout for the public. If your taxes go up, you will probably still be able to pay the bills. If your bank account or pension gets wiped out, you could wind up in the street or sharing food with your pets.” Click Here to Read Full Story- Bail-In Huffington Post. (Bolding of sections in this quote are mine for emphasis.)
Eric says, “that when it becomes apparent to people that having deposits in a bank is a risk that will have a dramatic effect on the precious metals.”
In the US FDIC deposit insurance fund is now up to 33 billion insuring 10.8 Trillion dollars of risk. That’s like having $33 insuring 10,800 of risk. No insurance commissioner anywhere would approve that
The FDIC cannot support all of the liabilities they have.
Eric says that the physical demand is unbelievable and that we have much, much better days ahead for the precious metals.
Sprott predicts, “Somebody’s going to fail here. All the data I look at says the Western central banks . . . that have been selling gold are running on fumes now . . . so, it’s very close at hand.” Join Greg Hunter or USAWatchdog.com as he goes One-on-One with money manager Eric Sprott of Sprott Asset Management.
Video Rating: 4 / 5
16 thoughts on “Eric Sprott: Bail Ins, Physical Demand for Gold and Silver: Video”
lmao, another idiot who makes his living off of promoting himself
Theres 184,000 ton of gold in the bank of Hawihii….
The Econogeddon cometh…
I lived through depression of Chile’s economy my whole childhood which
motivated me to study Eco/Math. In my humble opinion I can say that the US
system is set for collapse/crash. Countries around the world have been
preparing for this event from early 70’s, only thing is the entire world
will be affected, however the US will take the greatest damage. Rough times
Then buy silver and you won’t have to worry then. 😉
Greg Hunter, Thank you for continuing to produce relevant journalism!
Harper will do as he’s told by his betters, the ubiquitous worm has his
head so far up America’s ass he can tell us what B.O. had for breakfast. He
admitted that if he was P.M. during the Iraq war he would have dragged us
into that mess.
What about silver. always about gold.
WHAT IF GOD IS REAL? WHAT IF HIS EDEN WAS REAL? WHAT IF SOME AVERAGE PERSON
WHO USES GOOGLE EARTH ONE DAY FINDS SOMETHING INCREDIBLE CONCERNING GOD AND
EDEN? WHAT IF IT WHERE STORIES MADE OUT OF WATERMARKS? WHAT IF THEY WERE
JOINED TOGETHER TELLING GOD’S STORY? WHAT IF THEY SHOWED HIS IMAGE? PLEASE
COME SEE WHAT I FOUND. I’M BEGGING YOU WITH ALL MY HEART AND SOUL TO COME
SEE WHAT I FOUND. IT CONCERNS EACH AND EVERYONE OF YOU. PLEASE PLEASE COME
I am having trouble playing this video. It starts and stops. Only this
video. And on your site, Greg, I am not able to receive sound. I appreciate
all you bring to our awareness.
Not everybody lives in Fascist USA bud.
there is no free market supporter or not, there is people who want to use
force to get their ideas implemented vs people who believe they should have
to voluntarily provide it and sell it in the market place
Greg .. appreciate your work .. I am spreading the word about USA Watchdog
as far and wide as I can.. live long and prosper. My dad has been buying
gold since . the 50s and silver even before that .. he collects currencies
too .- he hung onto it till recently when he started passing it out to the
us to ‘hang on to.’ Some of us did – some did not. Talked to him on
father’s day and he said . .do not sell your gold or silver you will regret
it if you do. good advice from dad. He likes your videos
If you’ve hung on to PSLV this long, don’t sell when it gets back to 50% of
original value. I’ve been buying silver since it was $21 years ago & have
been “cost averaging” small monthly purchases since then. So I’ve seen it
go up to ~50% & back down again. But that’s pretty common for volatile
silver & the banksters are manipulating it recently. I bought A LOT more
silver when it came back down to ~$21 again. Be patient. Do you trust paper
US Dollars & the banks?
Good one Greg! Thanks!
I ordered and paid for silver in late april and my shipment (a measly 50
ozs) has been delayed twice. There is a shortage and possibly price
manipulation in my opinion. Maybe the end of july.